India and China have agreed to take steps to realize the bilateral trade turn-over target of one hundred billion dollars in the next two years.

A joint statement issued after the delegation-level talks between the visiting Chinese Premier Li Keqiang and Prime Minister Dr Manmohan Singh in New Delhi yesterday, identified the areas for cooperation particularly in pharmaceuticals and Information Technology.

The Chinese Premier stressed that both sides have more common interests than differences.

Our Correspondent reports that India's exports to China were only 13.52 billion dollars in 2012-13 while the imports aggregated to over 54.3 billion dollars, leaving a trade deficit of 40.78 billion dollars.

India and China have also agreed for an early settlement of differences on border perceptions, expand cooperation on trans-border rivers and increase bilateral trade.

The two countries signed eight pacts including an MOU on sharing of information on water flow in the river Brahmaputra. The other pacts are in the areas of trade, commerce, agriculture, education, literature, enhancing people to people contacts and providing facilities for Kailash Mansarovar yatris who travel to Tibet.